Do You Use a Financial Planner?

Lately I have been wondering just how many people use financial planners. For me personally, I have never engaged the services of one as I feel like I know more than enough about planning for my own financial future as well as about general money management.

The reason I have been thinking about it lately is because I feel as if so many of my friends and colleagues would benefit from talking to a professional. Many of these people come to me for advice, however I find that I am unable to help them as I don’t know their situation, goals or things like budget/expenses.

I also find that people aren’t really interested in what you have to say, but are far more focused on having you agree with the decisions they have already made. They simply want me to validate what they are already thinking, and if you don’t, some people can really get their back up.

So hence my original question. I want to know how many people have engaged a financial planner and if they felt that it was worth their money and their time? I know that I regularly tell people that they should consult with financial planners, but I am wondering if I am making the right call there. I suspect many of them will just provide you with generic advice that is good for everyone, without really getting involved in your particular situation in detail.

I could be wrong, but my experience with other professionals in the finance sector has not left me with a lot of confidence. Quite often I find that I know far more about a topic that the supposed experts do. I’m sure there are some diamonds in the rough though – some of those people who are genuinely in it to help others rather than just to make a salary and look out for themselves.

Question

Have you used a financial planner before? What was your experience with them?

We don’t have a financial planner. I’ve interviewed a couple locally and one online, and didn’t really feel that the fees were worth the advice. I feel like I don’t know everything about investing, but it seems that if you know your risk tolerance, invest in index funds, and rebalance periodically, it works out just as well as something actively managed. However, if you can’t or won’t do that on your own, and you will invest regularly, I think a planner could be a great idea.Kim recently posted..How To Dispute a Medical Bill

I used to be a “traditional” financial planner, and I would say that they only make sense when they provide more than just asset management services for you. There are mutual funds or ETFs that easily invest your money for less than a financial planner. I think where planners earn their fees are when they truly act as your financial counselor and help you not only make informed money choices, but hold you accountable and keep you on track for those goals. Sadly, there are not many out there like that, but I wouldn’t settle for anything less than that level of service.Shannon @ Financially Blonde recently posted..Dad Advice for a “Regular Person”

We don’t use a financial planner because I haven’t had the need for one yet. All my financial needs at the moment are very DIY. Once things get complicated, maybe I’ll consider getting one.Aldo Rancier @ MDN recently posted..Cool Gifts For Dad

I am a financial advisor and I do have a financial advisor (not me) review my plan. 🙂 They may not be for everyone, but I do believe that a good financial advisor can make a difference. People often come for the investment advice, which matters, but in my opinion, financial planning is what really matters. Sadly, not ever financial advisor is created equal, so you definitely need to do your due diligence to find the right one.Shannon @ The Heavy Purse recently posted..Ebook Review: How To Teach Your Kids about Money

I suspect that anyone that goes to you will not be looking elsewhere. I just think that the university system over here churns them out to all follow a standard line of thinking, and it doesn’t provide anyone any real guidance other than what the general consensus is.

I have not used a financial planner, and I don’t really plan on it anytime soon. I would consider sitting down with one if we had a very high income and simply had zero time to manage our finances, but I don’t foresee that happening anytime soon.DC @ Young Adult Money recently posted..What You Should Do After a Job Interview

Most Popular

Disclaimer

I am not a financial expert. Information published on this website has been prepared for general entertainment / informational purposes only and does not constitute financial advice to any particular person. Any information contained on this web page is general in nature and does not take into account any person’s particular investment objectives, financial situation or individual needs.

Before making an investment decision based on this information you should consider, with or without the assistance of a qualified adviser, whether it is appropriate to your particular investment needs, objectives and financial circumstances.

As a result, readers are encouraged to seek professional advice before making any major decisions. www.monsterpiggybank.com or its writers cannot be held liable for any loss or damages that result of advice or tips on www.monsterpiggybank.com.